CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 22 July to 26 July: 2013 - High Wave Dive !

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 26 July'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 26 July'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 26 July'13

Learning from the Past Week: (click here for the previous post)

Patterns:

• On the Medium Term EOW #3, last week's 'High Wave' Candle gives the Bears relief.
• June's 'Hanging Man' Candle & May's Shooting Star on the Long Term EOM #1 Charts - see life as the month end appears. 
• Closing the month at these levels - July's candle would NOT 'Bullishly Engulf'  the June Candle - as was seen possible last week #M1.

Support & Resistance:

• The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' fails to hold the Bears #5.
• STS support line shows the point of reversal for the last up move #4. 

Moving Averages:

• 5 EMA and 13 SMA cross Bearishly #5.
• 5 EMA and 13 SMA in the Medium Term, cross Bearishly after Index falls below our mark of 5939 #5.
• Index closes below the critical 13 SMA on the Medium Term  #3.

Indicators:

• 'Trend Deviation' Indicator #2 on the long term charts show Bulls a pip ahead..
• Volumes flat to lower for the down move -  EOW.
• MACD and its MA cross bearishly, Histogram ticks down #6.

Bears ride the 'High Wave' #3 to stop the Bull run..

Looking Forward into the next Week:

Patterns:

• One could see the combined effect of June's 'Hanging Man' Candle & May's Shooting Star on the EOM #1 getting more active by month end. 
• 'High Wave' Candle Pattern studied last week still in play.

Support & Resistance:

• The Day Channel top marked #5 is now resistance - for the Bulls.
• The 61.8% Fibonacci retrace of the 'Jan'12 low to All time high' is support, above this the blue center line of the EOD channel provides initial support for Bulls #5.

Moving Averages:

• If the Index gets above 5969 EOW, the 5 EMA and 13 SMA would recross Bullishly in the Medium Term #3.
• Keeping above the 200 SMA on the Day Charts good for Bulls #5.
• 50 SMA and 200 SMA, convergence towards a death cross needs watching  #5.

Indicators:

• 'Trend Deviation' Indicator #2 remains in Bull zone.
• Flat Volume this settlement week together with a red Candle - slightly favors the Bulls.

Bulls see life above 5969 - Bears seek to dive some more on the High Wave Candle's effect.